The NFT (non-fungible token) market has been on a tear recently, with prices reaching a 90-day high. This can be attributed to a growing interest in NFTs among both individual investors and institutional players.
According to data from Dune Analytics, the number of daily unique users and daily sales in the non-fungible token (NFT) market have both increased to their highest levels in the past 90 days. The fact that 27.8K persons have sold a total of 85.7K NFTs during the previous 90 days indicates that NFTs have become more popular. 85.7K NFTs have been sold by 27.8K people.
The number of daily unique users and daily transactions on the NFT market are both at a 90-day high with 85.7K sales from 27.8K users.
50,300 transactions were made, with an average of 2.7 sales per user, according to OpenSea. Users made up over two-thirds of merchants. This demonstrates how OpenSea dominates the NFT market and how NFTs are becoming more and more well-liked by customers.
NFTs are a digital asset class that uses blockchain technology to prove ownership and authenticity. They can be used to represent a wide range of assets, from digital art and collectibles to virtual real estate and gaming items.
One of the main drivers of the recent NFT market rally is the growing awareness of the potential of this new asset class. As more people learn about NFTs and how they can be used, demand for these tokens has risen. This has led to an increase in prices for many NFTs, particularly for those that are considered rare or unique.
Another factor contributing to the rally is the growing number of large companies and institutional investors entering the market. These players have the resources to invest in NFTs at a much larger scale than individual investors, which has helped to drive prices higher.
However, it’s important to note that the NFT market is still relatively new and extremely volatile. Prices can fluctuate wildly, and it’s possible that the current rally could be followed by a sharp downturn. Additionally, the regulatory environment for NFTs is still evolving, which could potentially have an impact on the market in the future.
Despite these uncertainties, the NFT market shows a lot of potential for growth in the future. As technology and infrastructure continue to develop, and more people become aware of the benefits of NFTs, we can expect to see more adoption and increasing demand for these digital assets.
In summary, the NFT market has reached a 90-day high, driven by increasing awareness of the potential of NFTs, and a growing number of institutional players entering the market, however, caution is needed as the market is still new and highly volatile, and the regulatory environment for NFTs is still being developed.
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